Decentralizing one of the world’s most significant industry

Were you aware that our entire society is dependent on the manner in which transportation progresses? Today, the shipping industry has become more prominent than ever - numbers show that every year, 5 billion shipments are registered worldwide. This is mainly done through air freight containers (1 million units) and sea freight containers (17 million such groups). However, quantity is not everything! There are a lot of problems that are currently weakening this industry:

• Many technologies and procedures installed in the logistics/cargo industry are outdated
• The entire process that concerns the transportation/shipment of logistics and goods has remained an extremely time-consuming operation. Often, more than 200 documents are needed to make a delivery happen!
• An increasing number of resources is required to fuel this industry: communication channels, employees, expensive technology, documents and papers
• All these pressing issues often lead to frauds, high operational costs for companies involved, increased delays all across the supply chain, lack of trust and breaches or losses of information.

Could there be a solution to this global market?

Introducing smart transportation based on the Ethereum blockchain
Did you know that nowadays, shipping means more than taking some cargo and moving it until it reaches its destinations? Technology has to optimise these processes and address the problems we just mentioned. How? By implementing the blockchain features, in a revolutionary way:

• Discover Cargocoin - a project that aims to connect the trade, transport and logistics industries to the blockchain. In doing so, it substitutes the paper documents with smart contracts and guarantees faster and more secure payments. Through the use of smart contracts, the need for intermediaries is considerably reduced. All data becomes safe, secure to access and to store! Payments can be made through the use of cryptocurrencies and data signing is more efficient!
• Through the use of a web-based platform, Cargocoin promises to succeed in connecting ship owners with brokers of cargo or direct cargo shippers. These major players of the transportation industry can directly interact, through an efficient and fast platform.

What else is new? Cargocoin introduces smart utilities - these components wish to supersede the old paper documents we earlier mentioned (for example the letters of credit and the bills of lading).

The mechanism developed by Cargocoin

First of all, the carrier has to create an offer through the application; here, it specifies the exact desired shipping terms and conditions

• It develops an electronic bill of lading and a letter of credit
• The carrier also pays the cargo insurance and then ships the cargo.

Second of all, the customer accepts the offer; tracks the cargo; pays port services, freight and all other required services

Cargo coin optimises the entire document flow and generates an instant payment to the carrier while charging a small commision.

Got Questions?

Learn more about this revolutionary project regarding the trade and transport industry at https://thecargocoin.com/. Find out more about the benefits that it brings, the projects’ roadmap and the CargoCoin ICO phases by browsing through the latest version of the white paper.